HBAR Recovers From 12-Day Slump: Can Bulls Push It Higher?

Hedera’s native token, HBAR, is staging a steady recovery as crypto market sentiment improves following the ceasefire agreement between Israel and Iran. 

The HBAR token price rebounded from a 12-day low shortly after the announcement on Monday and has since recorded gradual gains.

HBAR Gathers Bullish Momentum

HBAR currently trades around its 20-day Exponential Moving Average (EMA) on the daily chart. This key moving average measures an asset’s average price over the past 20 trading days, giving more weight to recent prices.

HBAR 20-Day EMA. Source: TradingView

HBAR’s decisive break above this threshold would confirm the bullish reversal, paving the way for the token to post new highs in the coming days. Readings from the token’s Elder-Ray Index support this bullish outlook.

At press time, this sits above the zero line at 0.0052, indicating growing demand for the altcoin. 

HBAR Elder-Ray Index. Source: TradingView

The indicator gauges the strength of bulls and bears in the market. When it prints positive values and green histogram bars, it indicates strong buyer dominance and rising upward momentum. This hints at the possibility of an HBAR sustained rally.

Moreover, HBAR’s funding rate has stayed positive despite its recent price slump. It is at 0.0057% as of press time, signaling that futures traders are still positioning for a potential price rebound.

HBAR Funding Rate. Source: Coinglass

A positive funding rate means that long-position holders are paying short sellers to keep their trades open. This indicates bullish sentiment in the derivatives market, even as HBAR’s spot price struggled, suggesting traders expect a recovery in the near term.

HBAR Faces Breakout Toward $0.164 or Breakdown to $0.133

At press time, HBAR trades at $0.152. If bullish pressure strengthens and the altcoin successfully breaks above its 20-day EMA, its bullish reversal will receive confirmation, propelling its price toward $0.164.

HBAR Price Analysis. Source: TradingView

However, if the bears regain dominance, they could drive the HBAR token’s price down to $0.147. If this support floor fails to hold, HBAR’s price could fall further to $0.133.